As mortgage interest rates continue falling to new lows, a growing number of borrowers are applying to more than one lender to increase their chances of getting approved for refinancing.
Anecdotal evidence suggests that only about half of the borrowers trying to refinance are getting approved, down from 60-70% during previous refinancing booms, said Doug Duncan, chief economist at mortgage financier Fannie Mae. As a result, borrowers are getting frustrated and anxious.
'There's no question there are multiple applications being done,' Duncan said. 'The economic incentive to refinance is so strong with rates being under 5%.'